Section 1 Short title
This Act may be cited as the “Helping Ensure Rural Inheritance Transfers Are Generationally Enduring Act” or the “HERITAGE Act”.
Helping Ensure Rural Inheritance Transfers Are Generationally Enduring Act
A BILL
To amend the Internal Revenue Code of 1986 to increase the limitation with respect to the aggregate reduction in fair market value of farmland for purposes of application of the estate tax.
Sec. 2 Increase in limitation on aggregate reduction in fair market value of farmland
In general— Section 2032A(a)(2) of the Internal Revenue Code of 1986 is amended by striking “shall not exceed $750,000” and inserting:
“(A) in the case of qualified real property which was being used for a qualified use described in subparagraph (A) of subsection (b)(2), $15,000,000, and
“(B) in the case of qualified real property which was being used for a qualified use described in subparagraph (B) of such subsection, $750,000.”
in the matter preceding subparagraph (A), by striking “the $750,000 amount” and inserting “each dollar amount”, and
in subparagraph (A), by striking “$750,000” and inserting “such dollar amount”.
Effective date— The amendments made by this section shall apply to the estates of decedents dying after the date of the enactment of this Act.